Thursday, February 8, 2018

Greece wraps up seven-year bond sale, raises €3bn

Greece has wrapped up the sale of a seven-year bond after a 48-hour delay blamed on international market turbulence, raising €3bn at a yield of 3.5 per cent.

The issue marked the first time since 2014 that the country has raised new money. A five-year bond issue last July raised €3bn, about half of which involved swapping existing debt for longer-dated paper.

“We proved today . . . that not only can we tap the markets and raise new money but we can do that in circumstances that are not ideal,” said Euclid Tsakalotos, the finance minister.

Demand for the paper exceeded €6bn, with longer-term investors showing interest as well as hedge funds, according to bankers in Athens.

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This blog is dedicated to the understanding of the current Greek (but also European) economic, political and institutional crisis. It was created by Prof. Aristides Hatzis of the University of Athens, after many requests by his students who seek a source of reliable analysis on the Greek current affairs. Its aim is to post commentary and reports published mainly in the major U.S. and European media and to encourage a rigorous discussion.